Home Based Income - 3 Ways You Can Regain Control In This Uncertain Economy

Today there is a lot of uncertainty with regards to the economy and many people finally have come to the realization that the world is different

. The age of industry, the age of safe secure jobs and employer & government provided pensions, has been replaced by the new information age. People have realized that the gov't and their job no longer has their best interests in mind. And with the unpredictability and large dips and peaks in equities over the past couple of years, many people have already lost 12 years of hard-fought wealth. Home prices are still dropping, foreclosures continue to increase, the employment rate is hovering around 10% and taxes across the board are increasing...

No longer is this acceptable. No longer are people going to just give their money to brokers of stocks or real estate firms, or rely on the government's social security program; "broker" has been the result for the people who do!

The masses are finally beginning to realize that they must get in control of their lives, and more specifically their finances. Many Americans are searching for a vialble option for making supplemental cash flow. The issue is people are short on time already and long on commitments. They need to find an additional income source, but aren't able to find a job that will shell out the $200 or whatever per hour they likely need to reach their goals with the constraints they have on their time. Even if they could, another job would only magnify the problem above and further increase your tax liability, meaning you would actually have to make even more income in order to keep pace with what taxes the government's going to take from you.

The good news is, you have choices. Other than getting hired for that magical secure job, besides THAT, what else is there?

Well, you could invest whatever money you may still have. If you're sitting on a large chunk of money - and with today's low rates and yields it needs to be large - this is one possibility. Odds are if you have this kind of money, you're probably already pretty well off and not needing to rely on the government or an employer anyway. But just in case, let's say you needed $10,000/month to cover your living expenses, pay down debt and set some aside for a reserve, etc. Ten thousand dollars a month is the same as receiving a twelve percent yield on a $1,000,000 investment. But that's just won't happen for most people any time soon in this economy - particularly after you consider the tax consequences on that income (the government's share). Realistically, you'd have to have more like $10,000,000 invested in order to net $10,000/mo in today's market. So not a very realistic option for most...

The next option is the path most of the world's richest took to acquire their wealth: through launching a business. So here are the different options for building a business:

Business Building - Option 1:

Begin a traditional business. You could start a business to create, produce and market your new product. This too requires a substantial capital investment up front and start up financing is not so easy to obtain currently, regardless of how great a product you might have. Plus, 9 out of every 10 businesses won't make it their first year in business, and the odds don't get much better for the next couple of years following either. One mindset to have is just to understand this and look to start up 10 businesses. The education would be priceless and your net worth by the tenth business - if you even needed to start all 10 - would be among the top 1% of the U.S., if not the world.

Business Building - Option 2:

Purchase a Franchise (like Subway or McDonald's). A Franchise is an established business model with pre-developed system of doing business. When buying a franchise, you are buying a cookie-cutter business where you just follow directions and odds are good that you'll make six-figures or multiple six-figures a year. The downside though is the initial outlay: some of the most successful franchises will cost you half a million to a million dollars or more just to gain access and the rights to work their system. Plus you also have many of the other costs of a a building or lease, supplies, employees, machinery/equipment, and so on. Banks are more likely to lend money to this business structure due to the success record these established business models have rather than a brand new start-up but even right now that may be difficult. So a person with limited skill could make money with a franchise if they go along with a system - and they would have a much, much higher chance of succeeding than with starting up a traditional business - but it's too cost prohibitive for the majority.

Business Building - Option 3:

Home Based Business Work. With a low cost of entry versus the options above, yet with the strength of an an established business model as with the franchise business model, the Home Based Business Work model is the best solution for the majority wanting to take control and get ahead today. The convenience of being able to work from home and leverage the internet to plug into successful company's business combines all the advantages of the above business models with few of the disadvantages. One disadvantage though - due to the low entry point - is a home business owner is given access to the tools to be successful but must take responsibility to work the business consistently to create continuous results.

Another significant advantage of the Home Business model over the other two mentioned is the capability for Home Based Business work to produce lasting residual income - income where the money comes in without you having to be present. This does take time to develop, as little as two to five years for those very serious and dedicated to their success, though internet marketing combined with the home based business work model has produced even better results in as little as one or two years.

by: Hans Schoff

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